Erdogan names himself Turkey wealth fund chairman in shakeup

Erdogan appointed himself chairman of Turkey’s sovereign wealth fund and fired the entire management staff, Bloomberg reports. Erdogan’s son-in-law, Finance Minister Berat Albayrak, was also appointed to the wealth fund’s board. Ankara created the sovereign wealth fund about two years ago and transferred into it stakes in Turkish state companies worth about $200 million. Since the creation of the wealth fund, officials have debated its purpose and the fund has largely remained inactive.